News Release

Oct. 02, 2008: Upgraded Hankyu Hanshin Holdings to A/Stable; Affirmed BBB+/Positive and J-2 on Showa Denko

Oct. 01, 2008: Affirmed J-1+ on ABCP of Velocity Funding Corporation; Affirmed J-1+ on ABCP of Nexus Asset Funding Corporation; JCR Affirmed J-1+ on ABCP of Vector Asset Funding Corporation; Affirmed BBB-/Stable on senior debts of Starzen; Withdrawn A-/Stable rating on sr.debts of T.Hasegawa; Assigned AAA/Stable to sr.debts of Development Bank of Japan Inc.; Assigned AAA/Stable to sr.debts of Development Bank of Japan Inc.; Affirmed BBB+/Stable on sr.debts of Tonami Holdings; Affirmed BBB+/Stable and J-2 on senior debts and CP of Hakuto; Affirmed BBB-/Stable on Kyosei Rentemu; Assigned AAA/Stable to sr.debts of Japan Finance Corporation; JCR Placed ratings on Nikko Citi Holdings under Credit Monitor
JCR Placed ratings on Nikko Cordial Securities under Credit Monitor
JCR Placed ratings on NikkoCiti Trust and Banking under Credit Monitor

Sep. 30, 2008: Assigned J-1 to Toda Kogyo Bills Receivable ABL08-09; Assigned J-1+ to JUTEC Bills Receivable ABL08-09; Assigned J-1+ to Teral Kyokuto Bills Receivable ABL08-09; Assigned J-1 to Molten Bills Receivable ABL08-09; Downgraded rating on Pacific Holdings to #B-/Negative; Continues CM; Withdrawn A/Stable rating on sr.debts of Kissei Pharmaceutical; Withdrawn A-/Stable rating on senior debts of CMK; Affirmed J-3 on short-term sr.debts of Money Partners Group; Assigned AA/Stable to Allianz Fire and Marine Insurance Japan

Sep. 29, 2008: Assigned J-1 to A&D Bills Receivable Trust Certificates; Assigned J-1+ to Amano Bills Receivable Certificates/08-09; Assigned J-1 to Aso Shoji Bills Receivable ABL08-09; Assigned J-1 to Ochisangyo Bills Receivable ABL08-09 (1),(2)&(3); Assigned J-1 to Nippon Tungsten Bills Receivable ABL08-09; Placed ratings on Century Leasing and Tokyo Leasing under CM; Affirmed AA to shelf reg. of Asahi Kasei; Assigned preliminary A to shelf registration of Shikoku Bank; Placed ratings on Century Leasing and Tokyo Leasing under CM

Sep. 26, 2008: Assigned J-1 to Kimura Bills Receivable ABL08-09; Assigned J-1 to Bills Receivable ABL08-09 (B Corporation in Mie); Assigned J-1 to Osaka Steel Tube Bills Receivable ABL08-09; Removed CM and affirmed BBB on Hokuto Bank; Affirms BBB- (FC/LC) Ratings on Republic of the Philippines; Affirmed BBB+ on Sankei Shimbun; Changed Outlook to Negative; Assigned BBB- to subordinated bonds and loans of Atrium; Placed rating on Pacific Holdings under Credit Monitor Negative

Sep. 25, 2008: Assigned J-1 to Bills Receivable ABL08-09 (A Corporation in Aichi); Assigned AA- to Series 4 Synthetic CDO; Assigned J-1+ to MSNW Trust Certificate Series 08090; Affirmed AAA on Octave Synthetic CDO Series 1 Class A-1, A-2 & B; Upgraded Octave Synthetic CDO Series 2 bonds to AAA from AA+; Affirmed sr.debts of Kowa Shinagawa Development to BBB+/Stable; Assigned BB+ to Preferred Sec. (Hybrid) of TS Preferred Capital; JCR Downgraded and placed CM CSK Holdings to #BBB+/Negative and J-2
JCR Downgraded and placed CM Cosmo Securities to #BBB-/Negative and #J-2/Negative; Assigned preliminary BBB- to subordinated bonds and loans of Atrium; Affirmed BBB-/Stable and J-2 on Atrium; Indonesia to BB/BB+ (FC/LC); Outlook Positive

Sep. 24, 2008: Assigned J-1 to Fuji Shokai Bills Receivable ABL08-09; JCR Assigned preliminary A+ and A to shelf registration of Daiwa Securities Group; Assigned preliminary AA- to shelf reg. of Mitsubishi Heavy Industries; JCR Placed rating on Nomura Holdings under Credit Monitor Developing
JCR Placed rating on Nomura Securities under Credit Monitor Developing
JCR Placed rating on Nomura Trust and Banking under Credit Monitor Developing
JCR Placed rating on Nomura Europe Finance under Credit Monitor Developing
JCR Placed rating onNomura Global Funding under Credit Monitor Developing
JCR Placed rating on Nomura Bank International under Credit Monitor Developing; Affirms Hong Kong Special Administrative Region at AA+; Outlook Stable; Affirms Singapore(Republic of) at AAA; Outlook Stable; Affirmed A/Stable on sr.debts of Marubeni-Itochu Steel

Sep. 22, 2008: Assigned J-1 to healthcare fees ABL08-09 (Asahikawa Sanai HP); Assigned J-1 to healthcare fees ABL08-09 (D Hospital); Assigned A-/Stable and J-1 to JA Mitsui Leasing; Affirmed A on EMTN Programme of Tokyo Leasing; Downgraded senior debts of Touei Housing to BB+/Negative

Sep. 19, 2008: Assigned J-1 to healthcare fees receivable ABL08-09 (C Hospital); Affirmed J-2 on CP of Ichinen Holdings; Affirmed A-/Stable on sr.debts of Mazda Motor; Affirmed J-1 on CP program of Nippon Flour Mills; Affirmed BBB+/Stable on senior debts of Daiichi Jitsugyo; Affirmed A- on Nippon Tochi-Tatemono; Outlook changed to Stable; Affirmed A- on Yachiyo Bank; Changed Outlook to Negative; Affirmed A-on Higashi-Nippon Bank; Changed Outlook to Negative

Sep. 18, 2008: Assigned J-1 to Kurashiki Medical Center Trust Certificates 08-09; Assigned J-1 to A&D Bills Receivable Trust Certificates; Assigned J-1 to dispensing fees ABL08-09 (sun-kur Corporation); Assigned J-1 to healthcare fees ABL08-09 (F Hospital); Affirms AAA/AAA (FC/LC) Ratings on United States of America; Withdrawn BBB/Stable rating on senior debts of S & B Foods; Affirms United Kingdom at AAA/Stable; Affirms AAA/AAA (FC/LC) Ratings on French Republic; Affirms AAA/AAA (FC/LC) Ratings on Federal Republic of Germany; Affirmed A-/Stable on sr.debts of Fuji Electric Holdings; Affirms AAA/AAA (FC/LC) Ratings on Canada; Affirms AA+ (FC/LC) Ratings on Italy (Republic of), Outlook Revised to Stable; Affirmed J-1 on CP of Fuji Electric Finance and Accounting Support; Changed direction to Credit Monitor for AIG Edison to Developing; Affirmed AA-/Stable on senior debts of Awa Bank

Sep. 17, 2008: Assigned J-1 to healthcare fees ABL08-09 (E Hospital); Assigned J-1+ to Chudai Jitugyo Bills Receivable ABL08-09; Assigned J-1 to healthcare fees receivable ABL08-09 (Shuyukai); Affirmed BBB-/Stable on sr.debts of Miyoshi Oil & Fat; Placed ratings on Nippon Car Solutions under CM #A/Negative

Sep. 16, 2008: Assigned J-1 to healthcare fees receivable ABL08-09 (A Hospital); Assigned J-1 to healthcare fees receivable ABL08-09 (Kyowakai); Assigned J-1+ to Takeda Gen. Hospital Trust Certificates 08-09; Affirmed A- on Asahi Broadcasting; Outlook changed to Negative; Upgraded rating on GS Yuasa to BBB/Stable from BBB-/Positive; Affirmed BBB+/Stable and J-2 on Nippon Sheet Glass; Downgraded rating on AIG Edison Life Insurance to #A+/Negative; Continues CM

Sep. 12, 2008: Affirmed J-1+ on ABCP following review of Credit Enhancers; Affirmed J-1+ on ABCP following review of Credit Enhancers

Release Information: News Release; Issuer Reports; Reports relating to Issuer; JCR News